If the millions of Americans fanatically devoted to Rush Limbaugh and Howard Stern have one major common hypothesis about the way the world works, it is & that a rich and powerful elite, congregated in Manhattan, sits in posh salons sipping cocktails and smugly denigrating them and their unorthodox heroes.

And they're right. One evening last week at the grand Manhattan home of former Commerce Secretary Robert Mosbacher and his wife Georgette, chat among the guests, who included eminence grise Pete Peterson and Sally Jessy Raphael, variously covered Somalia and Bosnia -- and, eventually, Rush Limbaugh and Howard Stern. Another guest,...